Vogelsanck: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Vogelsanck
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+166.5%), from €606,499 to €1.6m
of which Assets under construction and advance payments: +€1.1m
- Cash +€122,730
up €122,730 (+345.3%), from €35,542 to €158,272
mainly Debts after one year (+€796,662) and Other debts (+€420,000)
- Debts after one year +€796,662
up €796,662 (+183.8%), from €433,450 to €1.2m
- Other debts +€420,000
up €420,000 (+140.0%), from €300,000 to €720,000
- Profit (loss) carried forward -€131,234
down €131,234 (-75.5%), from -€173,759 to -€304,992
- Current portion of long-term debt +€58,404
up €58,404 (+508.6%), from €11,483 to €69,887
- Depreciation -€40,603
down €40,603 (-28.7%), from €141,609 to €101,006
- Financial charges +€24,384
up €24,384 (+1998.9%), from €1,220 to €25,604
- Gross operating margin +€20,119
up €20,119 (+83.6%), from -€24,070 to -€3,951
- Other operating charges -€5,960
down €5,960 (-85.7%), from €6,956 to €996
- Financial income +€513
up €513 (+536.5%), from €96 to €608
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €645,237 | €1,781,932 | +€1.1m | +176.2% |
| Fixed assets | 21/28 | €606,499 | €1,616,461 | +€1.0m | +166.5% |
| Tangible fixed assets | 22/27 | €606,499 | €1,616,461 | +€1.0m | +166.5% |
| Land and buildings | 22 | €362,189 | €269,048 | -€93,141 | -25.7% |
| Assets under construction and advance payments | 27 | €244,310 | €1,347,413 | +€1.1m | +451.5% |
| Current assets | 29/58 | €38,739 | €165,471 | +€126,732 | +327.1% |
| Amounts receivable within one year | 40/41 | €29 | €4,296 | +€4,267 | +14882.7% |
| Trade receivables | 40 | - | €4,112 | +€4,112 | |
| Other amounts receivable | 41 | €29 | €183 | +€155 | +539.2% |
| Cash at bank and in hand | 54/58 | €35,542 | €158,272 | +€122,730 | +345.3% |
| Deferred charges and accrued income | 490/1 | €3,168 | €2,904 | -€264 | -8.3% |
| Total equity and liabilities | 10/49 | €645,237 | €1,781,932 | +€1.1m | +176.2% |
| Equity | 10/15 | -€123,759 | -€254,992 | -€131,234 | -106.0% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€173,759 | -€304,992 | -€131,234 | -75.5% |
| Amounts payable | 17/49 | €768,996 | €2,036,924 | +€1.3m | +164.9% |
| Amounts payable after more than one year | 17 | €433,450 | €1,230,113 | +€796,662 | +183.8% |
| Financial debts | 170/4 | €433,450 | €1,230,113 | +€796,662 | +183.8% |
| Amounts payable within one year | 42/48 | €335,546 | €806,811 | +€471,265 | +140.4% |
| Current portion of amounts payable after more than one year | 42 | €11,483 | €69,887 | +€58,404 | +508.6% |
| Trade debts | 44 | €24,063 | €16,924 | -€7,139 | -29.7% |
| Suppliers | 440/4 | €24,063 | €16,924 | -€7,139 | -29.7% |
| Other amounts payable | 47/48 | €300,000 | €720,000 | +€420,000 | +140.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,609 | €101,006 | -€40,603 | -28.7% |
| Other operating charges | 640/8 | €6,956 | €996 | -€5,960 | -85.7% |
| Non-recurring operating charges | 66A | - | €285 | +€285 | |
| Gross operating margin | 9900 | -€24,070 | -€3,951 | +€20,119 | +83.6% |
| Operating profit (loss) | 9901 | -€172,635 | -€106,238 | +€66,397 | +38.5% |
| Financial income | 75/76B | €96 | €608 | +€513 | +536.5% |
| Recurring financial income | 75 | €96 | €608 | +€513 | +536.5% |
| Financial charges | 65/66B | €1,220 | €25,604 | +€24,384 | +1998.9% |
| Recurring financial charges | 65 | €1,220 | €25,604 | +€24,384 | +1998.9% |
| Profit (loss) for the period before taxes | 9903 | -€173,759 | -€131,234 | +€42,525 | +24.5% |
| Profit (loss) for the period | 9904 | -€173,759 | -€131,234 | +€42,525 | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€173,759 | -€131,234 | +€42,525 | +24.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.